diff --git a/ghost/admin/lib/koenig-editor/addon/components/koenig-text-replacement-html-input.js b/ghost/admin/lib/koenig-editor/addon/components/koenig-text-replacement-html-input.js
index 8304ae74d9..e20d686366 100644
--- a/ghost/admin/lib/koenig-editor/addon/components/koenig-text-replacement-html-input.js
+++ b/ghost/admin/lib/koenig-editor/addon/components/koenig-text-replacement-html-input.js
@@ -16,7 +16,7 @@ import {registerTextReplacementTextExpansions} from '../options/text-expansions'
 import {run} from '@ember/runloop';
 
 export function formatTextReplacementHtml(html) {
-    return (html || '').replace(/\{(.*?)\}/, '<code>$&</code>');
+    return (html || '').replace(/\{(.*?)\}/g, '<code>$&</code>');
 }
 
 // TODO: extract core to share functionality between this and `{{koenig-editor}}`